Costco comps, profits up in Q1

ISSAQUAH, Wash. — Costco Wholesale reported that net sales for the first quarter of 2012 increased 13% to $21.18 billion from $18.82 billion during the first quarter of fiscal 2011. Total comps for the quarter increased 10%, which included a 10% increase in U.S. comps and an 11% increase in international comps. Excluding the impact of fuel and strengthening foreign currencies, total comps for the quarter were up 7%, U.S. comps rose 6% and international comps rose 10%. Net income for the quarter was $320 million, or 73 cents per diluted share, compared with $312 million, or 71 cents